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Seasonality forecasting – how to forecast seasonal items

A free resource from EazyStock ‘An inventory planner’s guide to managing inventory with seasonal demand’ will help you master seasonal demand forecasting techniques, so you can consistently maintain optimum stock levels across your business.

Your free seasonal demand forecasting eBook

In this eBook we look at how to identify ietms with seasonal demand and discuss ways to improve the accuracy of seasonal demand forecasting.

We’ll help you understand and master simple inventory forecasting techniques, so you can consistently maintain the right levels of stock no matter the challenge.

Get our eBook now!




Download this eBook and discover:

  • The importance of seasonality forecasting
  • How to identify and manage inventory items with seasonal demand
  • The benefits of using automation to manage seasonal products

What is seasonal demand forecasting?

Seasonal demand forecasting is the process of identifying and managing the peaks and troughs in demand that some items experience at certain times of the year.

Effective seasonal demand forecasting ensures you have the right products in stock to meet seasonal rises and falls in demand.

With accurate forecasts you can boost stock levels to take advantage of peak times of the year. But you can also prevent being left with excess stock at the end of a season.

Accurate seasonality forecasting is therefore critical to customer satisfaction and profitability.

Top seasonality forecasting tips

Here’s five ways to improve seasonality forecasting:

Identify seasonal items

Analyse demand data over a number of years and look for regular patterns.

Understand when the peaks and troughs will happen

Work out when you can expect demand to rise and fall in upcoming order cycle periods.

Accurately forecast the relative size of those peaks compared to normal demand

Calculate typical demand during both peak and “off” peak seasons. This will help you determine what your stock levels should look like throughout the year as the demand varies.

Understand the level of forecasting uncertainty

Even with a substantial number of years of seasonal demand data, unknown demand fluctuations can still occur. Make sure you factor this into your forecast.

Incorporate lead times and safety stock levels

Add lead times into your ordering and replenishment calculations. Knowing your lead times is particularly important if they are long, as this makes it harder to replenish fast-selling items. Adding a level of safety stock will help cover erratic lead times and alleviate the risk of stock-outs.

Want to learn more? Get our free eBook on seasonal demand forecasting now!

Improve seasonal forecasting with EazyStock

Many businesses are still doing their seasonal forecasting in excel or using basic software functionality to support calculations. Both are sub-standard and can lead to regular stock-outs or a build-up of cash-absorbing inventory.

More and more are therefore turning to statistical demand forecasting tools, such as EazyStock.

EazyStock connects with your current stock system and uses advanced algorithms to bring speed and accuracy to demand forecasting.

Forecasts are based on a stock item’s demand type, it’s demand volatility, any seasonal variances and long term trends – for more accurate sales (or manufacturing) projections.

Forecasts are constantly reviewed and automatically updated. EazyStock then uses them to produce optimised reorder recommendations – speeding up purchasing tasks and reducing the risk of stock-outs.

Why EazyStock?

Ensure stock availability

Ensure stock availability

Make sure you always have the right products on the shelf to prevent stock-outs and delight your customers.

Optimise demand forecasts

Optimise demand forecasts

Utilise advanced algorithms to track product demand, accounting for life cycle stages, trends and seasonality variances.

Lower inventory levels

Lower inventory levels

Get rid of excess and obsolete stock, freeing-up working capital for investment elsewhere in your business.

Automate re-ordering

Automate re-ordering

Produce automated order proposals to process in EazyStock or send back to your ERP.

Accurate replenishment

Accurate replenishment

Automatically calculate safety stock levels, re-ordering points and order quantities to ensure optimised inventory levels.

Be smarter with suppliers

Be smarter with suppliers

Place orders more cost-effectively by considering suppliers’ delivery schedules, lead times, discounts and costs.

Improve efficiency & save time

Improve efficiency & save time

Ditch the manual spreadsheets and save time that can be spent on strategy and innovation.

Get a fast ROI

Get a fast ROI

Benefit from rapid ERP integration and get up and running fast with a system that’s easy to deploy.

Trusted by growth-driven companies

Get our free eBook on seasonal demand forecasting

Dealing with seasonality can be challenge – especially if you use excel spreadsheets. In this eBook we’ll share with you seasonal forecasting best practice to help improve the accuracy of your forecasts.

We’ll also look at how forecasting software can consistently maintain the right levels of stock across your business.

 

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